Abu Dhabi Investment Authority's (ADIA) is the flagship investor of the Emirate of Abu Dhabi, and the world’s fourth largest SWF. It is funded from the budgetary surpluses originated from oil exports. Due to its size and significant allocation to private markets, ADIA is one of the world’s largest investors in real estate, infrastructure and private equity. For the past eight years, it has been on a path to reduce its dependency to external managers, and it mostly invests in minority stakes in leading businesses outside of the Gulf.